Oh, and how Encyclopedia Britannica must contain the answers to so many questions about the curious world out there. Were city streets really full of black-leather clad people standing around metal drums, garbage ablaze? (Rocky was particularly memorable.) What else lurked in the oceans and bounded across the savannas I saw when PBS’s Nature series happened to be on at the same time I sat in front of the TV? Alas, encyclopedias were too expensive for us.
Tech job openings are falling. Hiring rates broadly are weak. And layoffs across the economy recently hit their highest level since 2009—although Zandi makes the distinction AI’s weighing effect on the job market “is due to weaker hiring, not layoffs.” Meanwhile, the National Bureau of Economic Research reports over 80% of firms in recent surveys say there is no impact from AI on employment or productivity over the past three years—yet those same firms forecast AI will boost productivity by 1.4% over the next three years. That disconnect between falling hiring numbers and rising productivity is precisely what worries Zandi and why he considers this a watershed Cortés moment.
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